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Copyright © Cambridge Political Economy Society

research-article

Marx's theories of value: a response to Cartelier and Williams

William Dixon and Geoffrey Kay*

*City University London, UK

Abstract

This paper considers the second theory of value which can be discerned in Capital. It contains the same elements as the usual theory-value and the form of value; concrete and abstract labour; labour-power and labour, etc. But by combining them in a different order and replacing value magnitudes with physical quantities, it offers an account of surplus value which is not susceptible to the familiar criticisms. The question of whether Marx intended this second theory is not discussed. However, it is argued that its consistency with Capital makes radical reformulations unnecessary.

Manuscript received October 19, 1992; final version received October 29, 1993.


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